CHICOPEE, Mass. (WWLP) – Senate Republicans have blocked a bill that would have allowed students to refinance their education loans.

Republicans blame Democrats for turning it into a political issue saying it would be another excuse to raise taxes. Democrats say the bill would have helped students save money.

The bill was sponsored by Massachusetts U.S. Senator Elizabeth Warren. It would have allowed students to refinance their loan debt at the same 3.86% rate that’s being offered to new student borrowers. The Obama Administration says the bill would have provided relief for about 25-million borrowers, saving them about $2,000 each.

“Its crippling. I’ve seen plenty of my friends get out of college and have to move back home with their parents to get wages that are minimum wage. It’s awful. Refinancing would have been a really great option,” said Kathryn Cooper.

Further debate on the bill was blocked by a vote of 56 to 38. Republicans say it didn’t do anything to address the important issues of lowering the cost of education and reducing borrowing.